IMF recommends unified exchange rate for Nigeria

The International Monetary Fund has advised the Central Bank of Nigeria to unify the country’s exchange rate system in order to avoid situations where public and private sector decisions are distorted due to uncertainties.

It also said there was a need for the government to come up with measures to boost the non-oil revenue in order to spend more on social safety programmes. The global body gave these pieces of advice on Tuesday during the unveiling of the World Economic Outlook report released in Washington DC.

The report titled, ‘Global manufacturing downturn, rising trade barriers’, was unveiled by the IMF Economic Counsellor, Gita Gopinath, and the Chief of the World Economic Studies Division of the IMF’s Research Department, Oya Celasun. It also called on the Federal Government to implement stronger reforms to boost the current level of infrastructure in the country.

Specifically, Gopinath described per capital growth in Nigeria as weak, adding that strong measures were needed to lift the growth into positive territory. According to her, there is a need for structural reforms to address the weak per capital growth.